Knowledge Centre:
News Digests

Stay abreast of what’s happening internationally with developments in corporate public affairs. Here is news that you may find useful and interesting:

Why your customers don’t want to talk to youND


Matt Dixon and Lara Ponomareff, Harvard Business Review, 28 July 2010

Research has demonstrated a changing trend in customer preferences towards self-service as opposed to dealing with employees. Companies tend to greatly overestimate the extent to which customers actually want to talk to them, with research demonstrating that the preference of self-service holds regardless of age, demographic, issue or urgency. Subsequently, companies might potentially be over-investing in practices that actually dissuade customer loyalty. For more information see www.hbr.org

BP: A failure of focus and metricsND


Lisa Hershman, Bloomberg Businessweek, 27 July 2010

The wake of the BP oil spill has left people wondering what caused the disaster, as well as pointing out the need to prevent such a disaster from reoccurring. Although BP may have recognised the importance of investing in safety, they didn’t implement measures to assess the efficiency and effectiveness of their safety measures. While BP executives may have believed that they were meeting safety requirements, their knowledge of and focus on these requirements was shallow. As such it is important that companies recognise that merely investing in safety is not necessarily adequate, and that they take steps to engage completely with these issues. For more information see www.businessweek.com

Brand building, beyond marketingND


Nicholas Ind and Majken Schultz, Strategy + Business, 26 July 2010

People are increasingly losing trust in brands and viewing brands more cynically. This has created a challenge for many companies, with the more innovative recognising this trend and adapting their branding strategies accordingly. Successful companies are shifting away from leaving branding to their marketing department, and are increasingly focusing on direct communication with customers to build trust in brands. This new approach to branding requires companies to focus on content not communication, to be aware of the way they use language, to lessen their control over the brand, to increase their openness and to experiment and learn from their mistakes. For more information see www.strategy-business.com

Winds of change head for the workplaceND


Lynda Gratton, Financial Times, 25 July 2010

The workplace is undergoing a period of change, now experiencing a ‘state of in-between’ following the economic crisis. The article provides the highlights from a four-year project conducted by the London School of Business, examining the direction that we’re heading in and how this will affect the nature of work. Amongst various changes will be the shifting balance of power within companies, the prevalence of generation-Y in the workforce, and the impacts of developing countries on the market and the environment. For more information see www.ft.com

Inside BP: a giant woundedND


James Boxwell and Ed Crooks, Financial Times, 21 July 2010

The BP oil spill has not only affected BP’s external image, but is also having a significant effect on its employees. Conversations with staff reveal that employees are worried about their jobs and savings, and are dismayed at their company’s role in the disaster and their management of it. Employees have also expressed anger at the media and US politicians for demonising their company. BP faces massive challenges in the wake of this oil spill, including rebuilding their corporate reputation, rebuilding its inner morale and recruiting new staff. For more information see www.ft.com

BP and Gulf of Mexico — A way forward to restore modern capitalism?ND


CSR wire, 15 July 2010

The recent problems facing BP in the Gulf of Mexico can be interpreted by one thing, Risk. The lack of understanding regarding risk management can lead to serious issues for businesses. Specifically for businesses, poorly handled risk management can result in material social harm, damaging a business’s reputation in the process. Management of risk is too important a task to be left to staff professionals. Poorly managed risk threatens the fundamental financial value of the enterprise and so preserving enterprise value through proper stewardship of risk is a fundamental Board of Directors responsibility. For more information see www.csrwire.com

Twitter, twitter, little starND


Felix Gilette, Bloomberg Businessweek, 15 July 2010

Companies are recognising the potentials of social media and are rushing to hire social media directors. Hiring social media employees has become a booming industry, with companies such as Sears Holdings, Panasonic and Citigroup all hiring in this department. Social media departments are blending the categories of marketing and customer service, promoting their company online while also diffusing online criticism. Companies however need to recognise that not all self-professed Facebook and Twitter experts can translate their skills into a business context. For more information see www.businessweek.com

Chinese factories now compete to woo laborersND


Andrew Jacobs, The New York Times, 12 July 2010

Tides have turned in China to favour workers in employment relations. Employers in many parts of China now compete for new workers and attempt to prevent defections to sweeter prospects. Put simply young Chinese factory workers are less willing to toil for long hours for appallingly low wages. The supply of 16-24 year old workers has peaked and instead of ‘chi ku’ (eating bitterness) like the older generation, a younger generation of workers is changing their habits. A rise in education and less saving than their parents has lead to vastly different situations for employees in China. For more information see www.NYtimes.com

Two faces of a crisisND


Catherine Fox, AFRBoss, 10 July 2010

Whether a crisis is environmental or financial it can be dealt with in the same manner; there are two distinct phases that require different strategies of engagement. The emergency phase, the initial crisis stage, requires organisations to buy their time and stabilise the situation. The adaptive stage, the latter stage of a crisis, the leaders of the organisation need to tackle the underlying cause of the crisis and build capacity for new conditions. One of the main challenges remains to understand the psychology of expectations placed on companies in times of crisis. Many times key stakeholders are operating in an unrealistic timeframe. Immediate reactions to crisis, without enough consideration or with too much reassurance, can create a false sense of relief. For more information see www.afrboss.com.au

The higher costs of bribery in China ND


Dexter Roberts, Bloomberg Businessweek, 8 July 2010

Companies violating anti-bribery laws in China may be subject to prosecution under both increasingly stringent Chinese and US laws, following the Foreign Corrupt Practises Act (FCPA) which allows US prosecutors to investigate bribery anywhere in the world. Although bribery or gift giving was traditionally accepted as a custom in China, the risks are becoming higher, forcing companies to strategise on how best to ensure compliance with Chinese and US anti-corruption laws. For more information see www.businessweek.com

Cloudy innovation should brighten your budgetND


Michael Schrage, Harvard Business Review, 2 July 2010

The rise of super technology such as Twitter, Facebook and Youtube has created a ‘cloud of web services’, offering value to business organisations as playgrounds for testing innovative ideas. The cloud provides an opportunity for market testing before investing in new products or services, while its accessibility means that companies do not experience any tangible loss from usage. Although the cloud is not seen as a replacement for existing processing platforms, it provides both a medium for innovative play and business productivity. For more information see http://hbr.org/

Corporate sustainability: Are we really cruising in fifth gear?ND


Rory Sullivan, The Guardian, 1 July 2010

Recent surveys have demonstrated that the large majority of CEOs view sustainability issues as being of importance, and have taken steps to integrate sustainable practices into their companies’ strategy and operations. However a new MIT survey has suggested that while many business leaders are recognising the importance of sustainable practices, their actions aren’t living up to their words. Although some businesses have taken the lead in engaging in sound, sustainable business practices, many are lagging behind. For more information see www.guardian.co.uk

Lonely workers and suicide: what can responsible companies do? ND


Wei Zheng and Mabel Seah,CSR Asia, 30 June 2010

The recent suicides within Chinese companies have been linked to a rise in loneliness within working environments. Chinese people traditionally are not equipped to deal with these employment conditions and rapid changes in China. Corporations and social enterprises are pivotal for creating and sustaining campaigns that enhance social conditions. Preventive measures extend beyond national programs and companies can become involved at an individual level with workers. Seeing employees as living people with a wide range of different issues is a stepping stone towards building positive social conditions. For more information see www.csrasia.com

Corporate rework neededND


Ryan Witcombe, Probono News, 29 June 2010

New societal challenges in the next decade will force businesses to rework their corporate structures. This renovation of business practices will become essential since societal problems are likely to become more complex and new strategies will be required. Businesses need to position themselves now to maximise their profitability as well as their social impact. The main issues that will have the greatest effect on how companies engage with society, include shifting economic activity away from the west, talent mismatches, global connectivity, resource constraints, and a bigger role for governments. For more information see www.probonoaustralia.com.au

The perils of a tarnished brandND


Ravi Mattu and Morgen Witzel,Financial Times, 24 June 2010

Brand and reputation are linked when thinking of organisations, what affects reputations in turn affects brands. Poor public relations and crisis management strategies highlight how hard it is to manage reputations. Many businesses forget to adapt their strategies as they grow, therefore they are at risk of negatively affecting their reputation. In other cases, companies lose the core values that define their brand. The most essential element of any successful brand is that company values are real and not just communication material. Customers not only communicate with companies but also with each other and the stories they share also shape a brand image. For more information see www.ft.com

Top 5 social media marketing mistakesND


Mike Proulx, Bloomberg Businessweek, 18 June 2010

Businesses have begun to recognise the value of social media as a marketing tool, however are making common mistakes. The top five social media marketing mistakes are infrequent monitoring of social media sites, leaving young and less experienced employees in charge of social media sites, not responding fast enough to online criticism, having employees pretend to be customers, and limiting social media campaigns to a specific time period. Although companies are making mistakes, they are learning from this process and are beginning to harness the potential of social media marketing. For more information see www.businessweek.com

Company bosses reset their compassesND


Steve Tappin and Andrew Cave, UK Telegraph, 13 June 2010

In a post-financial crisis business environment, top company executives are adopting entrepreneurial mindsets and espousing international mindsets. New radical measures require new styles of management and thinking procedures. Western businesses must focus on a long-term mindset especially since they are competing with entrepreneurial eastern companies. Employee management will also become important, since it is value-creating people who will grow a business. Fluid and flexible corporate structures are going to be necessary for corporations to thrive in the new economy. Among these changes are rapid response mechanisms, which require senior managers to revisit strategy more often than previously. For more information see www.telegraph.co.uk

BP’s slippery slope: The dangerous disconnect between rhetoric and reality in times of crisis ND


Knowledge @ Australian School of Business, 11 June 2010

The crisis engulfing BP is widening the gap between its stated commitment to environmental responsibility and its slow reaction to the disaster. Companies should realise that when there is a substantial gap between the image an organisation constructs and how it actually behaves there will be a backlash. Top management may be seemingly indifferent to the damage done to the company brand. When corporate branding and behaviour are aligned during a crisis, trust and goodwill can elicit forgiveness from stakeholders. Executives should react quickly and balance their language to cater all stakeholders. Additionally, they should acknowledge their moral responsibility before legal responsibility. For more information see www.knowledge.asb.unsw.edu.au

School in for banks — push on to catch kids ND


Bruce McDougall, The Daily Telegraph, 11 June 2010

Australian banks are leading a charge into schools and access to school students through a variety of financial literacy programs, community projects which engage students and free courses on a wide range of topics. Schools though are cautious when dealing with big business on these types of programs. They realise that it is a selling point for business, yet generally corporate investment is welcomed as long as there is no commitment to honour company agendas. For more information see www.the dailytelegraph.com.au

Signs of widespread worker action in ChinaND


Justine Lau and Patti Waldmeir, Financial Times, 10 June 2010

Labour protests in China are becoming more widespread and coordinated than previously imagined. Workers are using mobile phones and instant messaging services to communicate, comparing wages and working conditions throughout the country to bargain with their employers. Although the protests originated in smaller companies, and were quickly resolved, they are now spreading to multinationals such as Foxconn and Honda, raising concerns for rising costs. Workers tend to strike before public holidays, recognising that this gives them better bargaining power. For more information see www.ft.com

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